Welcome to a new episode of the Network Save podcast. Today I'm here with Sender and a minister from the Marshall Islands as well as an entrepreneur who's helped go and get their new crypto law up and running. It's a Dow law that allows you to essentially build an interface between an on chain entity and you know the off
chain legal system. I made a small investment in this company, My Dow, that's kind of a agent that'll help you get set up, but they've been operating under their own power for a while. They've set up more than 100 Dow's in the Marshall Islands. And with me today is Adam Miller, Minister Joe Bejong and Senator David Paul, all of the Marshall Islands. And they're going to talk to us today about the the new Marshall Islands doubt law. So, Minister, Senator Adam, let's go.
Yeah, sure. Yahweh. My name is Joe Peja and I'm the newly appointed Minister of Justice, Immigration and Labor here in the Marshall Islands. My name is David Paul. I am the the current chairman for the appropriation committee. We also have here Adam, Miller and Adam. Can you introduce yourselves? Yeah. Hey everyone, My name is Adam Miller and I've been into Crypto and Web 3.
For a while, but. Daos are really my gem, you know, I really believe that Daos are going to change the way we organize everything on Earth, people. Resources and. So my mission in life now is to help bring Daos to the world. And the way I'm doing that today is collaborating with the government of the Marshall Islands to create Web 3 and Daos legal and. Regulatory frameworks that are better. Than what exists everywhere else in the world.
Yes, awesome. And that's why we're actually here today because there's a number of crypto entrepreneurs, founders, investors who are looking for good jurisdictions to operate. And the Marshall Islands set up a new law that may make it actually very competitive. So, you know, just before we get there, maybe we can just put the Marshall Islands on the map, kind of help people know where it is. So it's located in the Pacific. Maybe we could put up a map on screen.
Great And sender, you know, Minister, do you want to talk about the Marshall Islands? Tell people who've never been there what it's all about. The Marshall Islands is located like 2400 miles southwest of Hawaii and is right in the middle between the Hawaii and Australia. The Marshall Islands is is close to about a million square
kilometers of ocean territory. But the land mass is only the size of Washington DC So you you can imagine it's where we're we we maybe call a small island nation where we're a big ocean state. You know, it's tropical all year round. And you know the Marshall Islands has over 24 atolls within the Marshall Islands, the jurisdiction of the Marshall Islands and the population is around in, in countries maybe around 43,000, but total Marshallese globally I would say over 80,000.
So it's a very small country and is in, you know, close and freely associated states with the United States and independent country, but in close and free associated with the United States. Awesome. And you know that million miles of ocean puts you near, you know several other Pacific islands like Palau I think is nearby Micronesia right? And some of the other Pacific islands that are also independent states your neighbors. That's good. Also to locate it between Hawaii and Australia.
The thing is as a full sovereign state as AUN member you can set your own policies. You have passed a new law. That law is potentially quite interesting for crypto folks around the world. The the new Marshall Islands, Dow law and maybe Adam or or Sender. Maybe you can kind of talk about this, tell us what it's about at a high level. I'll, I'll just kick it off and then I'll invite the minister to make a comments and then I'll have Adam to you know expound on on it.
But basically back in 2022 we enacted what we call the Decentralized Autonomous Organization Act of 2022, which is the Dow law. We call it a dialogue. I mean RMI is not no stranger to to the the Web 3 initiative back in 2017 or 2018. Sorry.
We the the parliament actually passed the first ever soft the soft legislation which is make soft as the the soft me sovereign as the legal tender for the Marshall Islands as a cryptocurrency and now the law is still in the books but we have not yet implemented because of many regulatory got implementation challenges. We thought that the the passage of these the soft law taught us so much about crypto, the web
three and all of that. You can imagine during that time when when we were passing it, people were actually Googling what is cryptocurrency in real town while we were having a national debate on the floor of the parliament and people were basically Googling and trying to understand and trying to understand what does cryptocurrency means.
And it was a very foul moment in the history of the country because you know, everybody was just trying to understand what does the the blockchain technology is all about. And then here we were at that time passing the legislation and my God, when we passed it, we got so much criticism from like the the likes of the World Bank, the IMF, the Asian Development Bank, even the United States Treasury. They they thought that we were like, you know we went rogue
basically. They thought that we we were we're losing our minds and we were losing on grip on reality. But for us at that time we said no, we we knew that was the future. Now Fast forward to today. When we went, we went back to the United, the World Bank last year in October. The only thing that they were talking about was digital currency.
You know, is easy. You know, three years later, four years later, people were now talking about you know, staple coin, digital currency, not so much crypto, but I mean is within the same ecosystem, right. But the fact that we were ridiculed, we they thought that we were crazy. But now everybody's talking about it's now it's become part of the Main Street.
So that's why we have, we have I vote for the for the Autonomy, the Decentralized Autonomist Organization Act of 2022 and we're going to build on it. But the reason why the the Minister of Justice is part of this is because he's the one that is actually enforcing this thing. Well, first of all, that's awesome. And can you tell us, you know the SOLVE law was 2018, is that right? Solve stands for store of value or can you tell tell us what that was?
That was like a building block for the the Dow law that you've just passed. The solve is is is is unredeemable. It's not redeemable, but it's also a legal tender in the Marshall Islands. There's nothing backing it up. It's basically the the, the perceived value of it and and actually the the what really actually gave value to it is actually the technology behind it that. So that's how the soft concept
came about. So we didn't want it to make it as if there was a if it was redeemable because you know, like the dollar is not renewable. So we wanted to make sure that it is no different than any other currencies of the world, you know, so. So we were not far from, you know what other countries that have their own own currency we're doing, but it was actually in a digital format so to speak. Very interesting.
So basically you're very one of the very first to do that and you know El Salvador and you know U.S. states like Wyoming and Tennessee and so on have also passed, you know, cryptocurrency and and Dow related laws. So that's actually happened after that SOB law. And so you're one of the first sovereigns in the world to do that. That's really cool. So that brings us to today. I think that's actually really
awesome history. And you know, one thing that I was interested in is how did you have the energy to be be a startup country? Because as a small country, the good thing is you're nimble. And in theory, you can come to consensus with a relatively small number of people. You can make decisions, You can adopt new technologies. However, you've also got big neighbors and you've got the World Bank and all these folks who will yell if you do something too interesting, right, as you mentioned.
So how did you kind of get the energy to be kind of a startup country? What, what? How did that happen? To like the Marshallese people, we're navigating. That's cool. Yeah, you got You are pioneers to get all the way out to the middle of the islands there, huh? Is it our DNA? That's cool. So that's interesting. It may be interesting for other kind of tech things in the future. I don't know, self driving car cities or things like that. That's actually really interesting.
I should visit actually. In fact, everybody watching this video should probably go and should they visit the Marshall Islands? Yeah, absolutely. Awesome. Are there cruises there? How? How do you get there? Is it playing what? How do you, how do you travel there if you wanted to go there? Well, we have only one airline service here in the Marshall Islands and that's the United Airlines. You can come via that that airline and then visit the other other airlines with our domestic
flights. We have a domestic airline Air Marshall Islands. You could visit all these beautiful small islands around the the other smaller talls in the Marshall Islands. Or by boat. Go ahead. Yeah, Yes. Elaji, let me let me tell you also something that we're also working on that you'd be very interested to know and your audience will be will know about this what we're trying to, we're trying to do what we call an NFD of all these islands.
There's so many islands in the Marshalls over thousands of islands. We're trying to do an NFD autumn so we can digitize these assets. These are idle assets that are there and we can actually, you know, put it out in the in the Web 3. Wait, so so would you just be buying like a digital, you know, art representation, art representation of the island? Or would you actually be buying the island itself? Not well, not buying it, but actually leasing it. Oh, really? That's interesting. Wow.
OK, so you have my attention. There's this, there's this great site actually which we could put up called, I think it's like Private Islands Online. Let's, you know, let's cover the the Dow law just for a second and then come back to the private islands because I'm actually interested in both. So Dow law, you guys just passed that last year, 2022. OK, Adam, you put that on screen. So tell us, tell us about that. Yeah, absolutely. So you know. First of all, why do?
Laws matter in Web Three, right? A lot of people might say, well, we're building a censorship resistant, you know, subversive revolutionary system. And that's fine that some people are working on that. But the fact is that most Web three products and most Dows are just trying to follow the law, right? They need the same benefits that other organizations get when they create legal entities, like the protection from unlimited liability for their members and the. Ability for the project to.
Own property, right to own its own name, own its own logo right and be able. To assert those property rights. So Dows and Web Three projects need those things to the problem with legacy laws. Almost every law everywhere in the world relating to legal entities require organizations to do things that no DAO wants to do and no Web 3 project wants to do. So that's things like requiring all of the members. To disclose their. Real names and physical addresses.
I mean, right there, you. Lost 95% of Daos, right, if not more. They require traditional boards and management teams, which usually Daos don't want, with some exceptions. They require paper record. Keeping. Even if it's like e-mail and PDF record keeping Daos don't want to do that because. All the records already. Exist on the blockchain, right? Governments are trying to enforce dated securities laws and apply concepts like traditional.
Securities to. Governance tokens and even just generally, you know, not allowing you to perform critical functions like voting and meetings on chain. So what we've done in collaboration with the Marshall Islands is passed this new law that you're talking about and it starts with very basic things, and I have this up on the screen, but just defining what is a blockchain, What is a digital? Asset right. What is a Dow right, so that you.
Can then include these things in the nature of how you govern and regulate these organizations. Importantly, this clause I have up on the screen simply. Says that. Dow's can be limited liability companies and we call them Dow. LLCS, but this is. The line that. Gives Dow's all the. Protections that most companies get very easily. By the law. This clause in the law is about management, so just saying that a an algorithm can manage an organization instead of having a
traditional management team. Right, that is so. Powerful. That's what so many Daos are trying to do with smart contracts. Things like a membership interests. Right, so. In it's in most Daos and web three projects, there's some kind of tokenized membership interest, whether it's an NFT, whether it's one person, one vote or one token, one vote. But to acknowledge in the law that you can have a governance token, right?
And the purpose of that governance token can be to represent your voting rights or your economic interest. If it's a for profit. In the organization, right in the project and finally rights to information. So traditional LLCS, a member or the government or anyone could come to you and say I want a. Copy of all the. Organization's records and you'd have to provide them with APDF or a binder full of. Records. And so our law in this clause and.
Others fixes that by. Saying As long as you're keeping all of your records on an open and public blockchain, you don't have to furnish your records in any other way. So these are just. Examples of some of the clauses that are in the law. But it's just these basic. Things that say, look, here's how traditional organizations did things. Here's how Web 3. Organizations do things and therefore allowing those things to happen in these new Web 3 organizations.
Well, I I love this because you know, I I often talk about you know there's the Fiat currency the cryptocurrency interface at that turned out to be more important and profitable than anybody ever thought with the Fiat currency to cryptocurrency exchange concept. I've often thought, and actually we're in the middle of this now, that you're going to have the Fiat identity to crypto identity exchange.
That's kind of what Palau is doing with its RNS dot ID or you have the Fiat company to crypto company exchange or interface. And that's kind of what you've set up and and some other jurisdictions are exploring because there's no reason to have piece of paper represent something if you can actually
have it in code. For example, if your votes can be on chain, well they're cryptographically signed, they're recordable, It's a data structure, you can program against it and you don't have to have just reams and reams and rooms of paper. And so this makes a ton of sense logically and I'm really glad that there is place that's kind of pioneered this and so now we can actually have an on chain representation of a company that is fully legally compliant.
Yeah, and not only that. But I'll just add. That Dow's are much more transparent and they have much more guaranteed compliance than traditional companies. So, you know, some people might react to this the same way they. React to crypto. Currencies with Fear with oh you know couldn't this be used for criminal activity, but the Marshall Islands and and our company we share the compliance obligation actually have way more visibility into all.
Of these Dow's. Than any government has into any other company on earth. So it's it's really a win, win. Right where people get to do. What they want to do on chain? With these web three projects. And the government can make sure that there's no illegal activity happening because every transaction is recorded on chain. That's great. Yeah. And I mean the big thing about this is and simply that concept of what that interface looks like and how on chain things
become. At first you mirror things on chain and then the mirror becomes the primary. It's kind of like, you know, the New York Times. For a long time I was, he was just a piece of paper, right. And then they had a New York Times website and those existed for a while and now you could say the website is primary and
the paper is very secondary. And I think you're one of the first to start making the on chain entity be a full companion and peer to the to the paper entity and eventually in 10 or 20 years or or whoever knows and that becomes like primary. So you know when you pass this, when did you pass this in 2022, June or? Ish November. November. OK, so it's just a few months old, Less than a year old right now, Yeah. Have you set up any entities under this structure so far?
Yeah, almost 100 entities. Oh, really? OK, that's great. And what is the what's a procedure if if somebody were to want to go and set one up, what are the costs? Where do they go? And and so. On and so forth and I'll throw a slide up with some QR codes, even we have a guide to Dow incorporation. That actually not only helps you if you want to be in the Marshall Islands, but it helps you think through. Should you incorporate your Dow, should you incorporate your Web 3 project and where?
Right, because every situation really is different. But if you want to. Register a Dow LLC. In the Marshall Islands, you reach out to My Dow. It's at my dow.org. It's MI. Dao.org. And we can also connect you and your project with our partner network of over 300 vetted. Web Three lawyers. And that's actually a really common challenge that we hear projects having is finding the right web. Three lawyer with the right. Jurisdictional expertise, whether it's Marshall Islands.
Whether it's Europe, whether it's. United States or more than one and the right? Expertise to help you solve. The particular challenges that you have so we can also help get people connected at no charge with. With good web three lawyers. Awesome. That's cool.
And if you go back one slide, there was something on kind of the advantages of the Marshall Islands if you go back one, so you do you want to speak to this like so of course you know crypto entrepreneurs are global, they can go all over the world. You know, why should they go and use the Marshall Islands over, you know, Cayman or or something like. That, Yeah, absolutely so. There are clear advantages over Cayman, BVI, Switzerland, USA and and other jurisdictions.
The USA is an easy one, and people who listen to your podcasts will know that the USA is not a friendly jurisdiction for web three, and in fact, it's not a friendly jurisdiction in a in a number of ways, right? And so it's almost obvious why you wouldn't want to base your. Dow or Web 3 project. In the United States. And it's just about the fear of what the federal. Government is going to do. Even if you have a. Wyoming, Dow LLC.
Which is a is a. Very innovative thing that they've done, very similar to what we've done. The problem is you're in the United States, so that's the.
Issue with the US. When it comes to every other jurisdiction in the world, so Cayman, BVI, Swiss, they offer foundations and corporations and and trusts and all of these corporate structures have boards and officers and when you have boards and officers that creates it's not only just kind of against the principle of decentralization to to many of us in Web 3. But it creates a target. For regulators and law enforcement to go. After that board, right? It could be the Founders, It
could be some other. Group of people. All of a sudden you're not really decentralized and so you might get in more trouble with the SEC when they say, well, is there a central? Group of people that you're. Relying on to get a return on your investment. So there's no doubt LLC anywhere else in the world other than the Marshall Islands in the United States. So if you want to be offshore and you want to Dow. LLC You have. To come to the Marshall Islands.
And by the way, Dow LLCS are not just for Dow. 'S so. You know, not everyone loves the term Dow, and a lot of crypto projects have multiple entities, right? You might have an entity in the US, in the BVI, in the Marshall Islands. So any web three projects can usually take advantage of a Dow LLC as some part of their ecosystem. And that's something we can help people think through. We're also working on a new. Laws. So we've actually passed 2 laws, so. Far in the Marshall. Islands.
The first was actually. In 2021 and the Dow Act built on that, we have more that we're working on in the pipeline laws and regulations to continue to help the Marshall Islands be the best place in the world and the only sovereign nation that truly recognizes the nature of Dows and Web 3. So you are kind of crypto first is one way of thinking about it. And you're not retrofitting an existing structure onto crypto.
You really have thought about it from scratch to to kind of merge with with how Dows actually are the laws meeting where the projects are. You know to your earlier .1 way of thinking about. What we do is it's a legal bridge. Between web two and web 3. Right. It's for Web 3. Projects that need. To bridge over to the tradfi world, the web two world. And the way. We do that actually is. By customizing the LLC.
So this these Dow LLCS. Are limited liability companies that just have slightly different treatment under the law in all the ways that really matter? To web three right like. Again, not having a board, not having to keep paper records, things like that. So so it is. Piggybacking on the LLC, which is the most common legal entity in the. World by far. The most popular. And that's because we want these Dow's to have all the same benefits, to be able to open a bank account, open an exchange
account. Right. A lot of our Dow's are. Doing things like opening bank accounts because they might want to sponsor an event that doesn't take crypto or get paid by a sponsor that only has Fiat currency. Well, let's talk about that for a second. So is Marshall Islands a good spot for a crypto company to open a bank account? So the Marshall Islands banks are not yet open for business
for Web 3 and crypto companies. And I mean the Minister could could maybe speak to this in more detail, but Marshall Islands entities. So actually, I mean, maybe the Minister could talk about. This but. For a long time, the Marshall Islands has been one of the most popular jurisdictions for shipping companies to register.
So there are about 50. Publicly traded companies on NASDAQ and New York Stock Exchange that are Marshall Islands companies and so unless you're in the shipping industry or you may have seen the Marshall Islands flag which is on boats. All over the world. You may not know it. But this is a. Tried and true destination and so banks. All over the world Will. Accept Marshall Islands companies, including Dow LLCS to open an account.
Well yeah, I mean the Adam you you touched on the the ship registry and the corporate registry the banking sector in the Marshall allies has always been opponent of anything that
has to do with crypto. No is no secret that you know once crypto or digital currencies are going to be becoming a dominant force then it will actually render these banks redundant because then because in the the the idea of digital currencies is is peer-to-peer so it will cut out the middleman which is all the banks because they might make money on the on the transaction cost and fees.
So they've always been an opponent of anything that has to do with digital currency or cryptocurrency and so forth. So at this point in time these established banks in the Marshall allies there are anti crypto or digital. So, so does that mean that we have half of the solution working, which is the company solution but the banking piece isn't yet there or how should we think about that? No. You just have to use. Other banks. So we have Dow LLC.
Clients that have bank accounts in Europe, in the United States, in. Dubai so we we have service providers that can help Dow set. Up bank accounts and some have just done it on their own. They just apply for an account at Mercury. Or. Western Alliance Bank we had someone had an account at signature. That obviously got. Got shut down. So you just have to. Use the Global Banking system, even if you're a Marshall
Islands entity. Let me also jump in on that because if you look at the corporate registry program that we have, we do have we're registering corporation that are not that was Island the Marshall Islands but they are registered under the corporate registry program that we established
under our laws. So if there's going to be anything to adjudicate any dispute among the members of the corporation that they raised in the Marshall Islands, Marshall Islands jurisdiction and Marshall Island laws and Marshall Island court system are going to be the one adjudicating these disputes because they are registered in our jurisdiction is no different than what we're trying to do with respect to with the with the Dow when we when we have the Dow legislation
in here meaning that they are are domiciled in the Marshall Islands under our laws. Do you you know, would you be able to award licenses for example to to somebody like banking licenses? Like you know if if banks, you know if if you know you're a sovereign country, you passed a law on this. If somebody wanted to become a bank, could they potentially become a crypto friendly bank and set up in the Marshall Islands? Is that a possibility? So I.
I could speak to this. Because we've had this conversation with the Banking Commissioner in the Marshall Islands and they're open to it, but first they're looking to to My Dow to help them draft the regulations under. Which that type of activity would occur, so currently VASPS. And banks are not supported. At least as Dow LLCS. In the Marshall Islands. But I should clarify that there is a. Distinction between the Dow and a. Protocol, right?
So if a protocol does defy it. Doesn't make you a VASP in the Marshall Islands. The Marshall Islands of VASP would be someone who's actually setting up a bank or an exchange or something like that. And to my knowledge, the Banking Commissioner is open to it, but only once we help draft a new regulation. Well, so let me let me jump in on that. Let me just make it clear that so no nobody's can choose about it. Mars digital assets or digital currency or whatever you or the
assets are not. They're not that they're they're not, they're not illegal in the Marshall Islands. They're not outlawed. They are allowed but they're the problem is we still have to develop the regulations, the proper regulations for them to be regulated. But as far as them registered, of course they can come, we're
open for business. They have to go through the process of getting registered but then they'll be have to be reviewed by the the authorities but no one is stopping them but they're going to have to be but they will say well we need to develop the regulations before the regulatory frameworks before we can allow you to start operating in our jurisdiction. So right now we're working on an amendment.
To the Dow act as well as a Dow. Regulation that makes it doesn't add any new rules, but makes it. Really clear to Dow's exactly how to follow all the laws. Of the Marshall Islands and actually provides them with other benefits even in the other in the jurisdictions where the founders or other members reside. Just by categorizing things a certain way, you don't have to fly to the Marshall Islands that that's why we have an office. There it's the registered.
Agent So, my Dow. Is your registered? Agent You don't have to fly there. You might want to because it's beautiful, but basically we have variable pricing for a dows of different sizes. So usually there is a a. Conversation that someone from our team has with the DAO or representatives. Of the DAO to figure. Out. What's the model that works best for them? Often times they have questions. You know, most people starting Daos are new to. Daos because Daos.
Are new and so we do offer not legal advice but business. Advice for Daos that ask. Questions about everything from what technology? To use to what are. Common structures or common challenges that other Daos are facing. And then again, we also get them connected with lawyers in our partner network when they need actual legal. Advice or Tax advisors? And and things like that. So it's not just a form usually. There's a bit of it. It's kind of a consultative.
Process where we help you. Through everything. That's right. So our clients interface with My Dow directly and then we interface with the government on their behalf. They don't have to have a management team. So we we refer to. The initial members. Of the DAO as the group of. People that is forming the DAO and that can be as few as one person and it could be a founder, but it doesn't have to. Be or it could. Be the entire DAO, forming it
together all at the same time. There are KYC requirements for any beneficial members, we call them. Because these are especially. With nonprofit Daos, these are members, not owners, and so for a nonprofit Dow LLC, any or for profit, anyone who has 25% or more governance rights and any managers. Have to do KYC. But often that's one or zero. People, right?
So it's it's whoever. Does want to be that person who's interfacing with us and I think in one of our draft regulations, we call that person a representative agent. So there will be a. Form for someone to fill out to say I'm the person you should talk to on behalf. Of the Dow it. Doesn't give you any additional legal liability. It doesn't give you any power over the Dow. It's just a matter of process that we need someone. To deal with.
We need a phone number, an address, an e-mail address, just in case we need to reach out. Got it. OK. And so LLCS are actually well suited for this because they have lots of members potentially. And so you could have lots of symmetrical members and members of the Dow. So it's sort of a scaling up of LLCS as you mentioned. Yeah, and a lot of LLCS also have membership interests. Already which is a way of. Dividing governance rights and or economic ownership in a in a more nuanced way.
So for example. A lot of our Daos. Are one token, one vote Daos and the way we construct. That is that each. Token represents one membership interest and then you. Do you have proposals where? There's a quorum of, you know, 25% of the membership interests and you need 51% of the people voting of the membership interests voting. To carry a. Proposal. And so we're really tying these new Web 3 concepts to. Just like you said, LLC. Concepts that have been around for a long time.
And can can you name some of the most interesting Daos that you've seen, like any that have publicly call themselves Marshall Island Daos? Yeah, sure. And and the nice thing is. That a lot of these. Daos have everything public on the Internet and on chain and so you know anyone can go see this information. But we have Moon Dao, which is the DAO that I think has already sent people into space. Crypto Mondays is a global meet up community in over 50 cities around the world.
That a lot of folks have probably heard of. Admiralty Dow, so that's the. Dow for the Clipper. Exchange which is a top 100. Defy platform. Those are some good examples. So that was great hearing from Adam on kind of on how my Dow has facilitated it and gotten 100 something Dow set up. I know you know both both you and the sender have been working on this. You mentioned you had some remarks that had been prepared.
Just a few few points I wanted to convey and some of them are just reiteration of what Sadder Paul had mentioned earlier and it's I just wanted to bring up how the government is in full support of the the the law that was passed. It went through the proper and thorough process as as as any was to go through the parliament and when it reached the the parliament it was unanimously decided that to to be tasked. And as I if I remember correctly all that were in attendance.
All the members of parliament that were in attendance where we did voted yes that the law should be passed except for one if I remember correctly. I just wanted also to convey that we see this as an opportunity and we've been exploring means in ways that we could establish a stable economy for the for the RMI. Given that we're other than the financial assistance that we receiving from from the US under the compact agreement we have to with the US.
We're mostly covered by water. So our resources is basically mainly marine resources and given our current situation with the sorry about climate change low lying islands and we're currently the front front liners the to the changes of our climate change and we see that it would be given the high rising the rising level of water sea, sea level and the rising temperatures would affect the marine life and surely in the future might affect our our resources in and it marine
resources. So by saying that I'm just trying to convey our governments, we're thinking of trying to explore means and ways of trying to establish a stable economy given we're a small island to one of these States. And my thought is that we see it's it's a perfect opportunity for us to to explore and look into the future to obtain a a a steady stream of revenue for RMI. So we're we're in full support of the Maita, the government of the government of the Marshall Avids.
And like you thought it was mentioned that we have a ship registry which is I if I remember probably you got certainly ranking in second or third and ship registry rankings and we definitely see my dollar which we also would wouldn't be would benefit the economy of the RMI. Well, that's actually a great precedent because you know, a
ship can be registered anywhere. If the Marshall Islands is a top ship registry, this is like a cloud registry for all of these, you know, on chain entities which could be in theory registered anywhere and so you registered them there. That's actually pretty interesting, the law of the sea, things like that. That's cool. And Sender, did you have anything that you were going to
say? You know just to compliment what the Minister alluded to earlier and what Adam actually emphasized on our quest to be the premier jurisdiction globally for Taos and we see that the digitization of our our our financial sector, our economic sector and even technology is, is really the future. So you know if you really look at where we are, we are such a small, small island countries, a small island country in a fiscal
setting. But with the digitization of all these sectors that I, I, I mentioned it is really an equalizer so to speak because then it there's really no excuses for us to be say they we we're at the end of the global supply chain. We are at the mercy of the global supply chain of goods and services. But with the with with the technology of the web three and all that stuff that actually is an equalizer that everybody's on the same equal footing so to speak.
So we actually the advantage that we have we're very small we're we're very agile and we can actually have a short time turn around time to to be able to amend our laws and our regulations so we can be got Gator for these these
organizations on the web. Three, I I say that that is going to be our advantage and and and you know our size could be used as an advantage for us in in the traditional settings of economies and finance where our sizes really are disadvantaged because we we lack the economy of scale. But with with with technology, sizes are advantage. Because you're nimble and and you can do things even if even if folks don't, you can get to consensus much much sooner than
many other countries. I'd love in particular if there was an island that was large enough that you might be able to set up a self driving car zone or something like that just to kind of show it can be done, You know, are they, are they just, are they just a little like piece of rock in the middle of the ocean? Oh yeah, they're they can be 10 acres land. They could be.
No, they're actually land. They're like private land to where you can like like Richard Branson, who bought his own island in the Caribbean. Actually, you can actually lease your own island and develop and then have your own exclusive island for yourself. Or a resort. Wow. OK wait.
So you can get a 10 acre island in the in the Marshall Islands and then of course you have to go and build the harbor and the dock and you have to be able to get people back and forth and so on and so forth or or just some of them come with that. No, no, it's up to you. What we're trying to do is when we digitize these islands because we're because you know we're trying to put it in the smart contract and by doing that we're digitizing the lease of that island.
And then you go have access to an island by to yourself, let's say for 50 years, 400 years, whatever you. And then how do you it's like a one stop shop so you don't have to come to the Marshall Islands and actually go through the legal process of acquiring the land. We will do all of that and put him into an NFT. And when you buy the NFT, you're actually buying the lease and have rights exclusive right to that island to yourself for the next 50 to 100 years. That's really awesome.
What is the biggest island like that you're selling or NFT ING leasing I should say. Well, it's different. I mean the island that the island that I always I was going to use it as, as you know as you start with, it's like a prototype is is like 3 acres, three to five acres, something like that of land. And is it, is it, I mean the Marshall Islands, it's a million square meters, I think you said a million square miles of ocean. So is that near one of the main
islands or how? How should we think about that? Is it all the way out there? Is it near one of the main ones like a so so or how should we think about that? Are they all nearby or they all kind of scattered around the the ocean? Yeah. It's one of the is in one of the is on Kwajale and Atoll that's where the United States military base is at is one of the is one of the urban centers. But by the way.
The Marshall Islands is one of the most popular tourist destinations for the richest people in the world. They take their yacht. And they park next to one of these mostly uninhabited islands and have some of the best snorkeling and scuba diving in the entire planet. Basically with your own private island, just for that week. Right. So, especially. For anyone who has a yacht, then you don't even have to deal with some of the challenges of flying in and.
Having to build your. Own cabin on your own private island. Just stay on your yacht. Well, maybe a Dow could lease a yacht or something like that. That's really interesting. Yeah, there's. Got to be a yacht Dow already. Yeah, that's probably true. I think that that basically covers it. So just to kind of recap, you passed new law in 2022. It enables basically a Fiat company, crypto company interface for LCS and LC like entities, AKA Dows.
It's crypto native. It has a full support of the government. It sort of extends what you've already done with your successful ship registry. This is not your first crypto law. You've actually been involved in this space for almost five years now, which is eternity and in crypto years and about 100 entities have already been set up and people want to learn more than go to ithinkmydao.org. So Senator, Minister, do you have any closing words, anything you want to say?
Oh, we just wanted to thank you for the. Time and. Really glad to be part of your outcast and looking forward to the future encounter. Wonderful. Great. And we'll come and visit the Marshall Islands and may buy, may buy an island or something. All right, wonderful. Thank you, Senator. Thank you, Minister. Thank you, Adam. Thank you, Balaji. OK. Well, thanks guys. This is great. Thanks for coming on.